Crypto markets feel the chill, Base, ether.fi reorganize layer-2 landscape: Crypto Daybook Americas

Crypto markets are experiencing downward pressure, evidenced by the CoinDesk 20 index dropping 2% in 24 hours and consecutive net outflows for spot Bitcoin and Ether ETFs. A major development is Coinbase's layer-2 network, Base, announcing its move away from the Optimism-developed OP Stack to a self-managed codebase, which poses a potential revenue headwind for the Optimism Collective, causing the OP token to fall 24%. Conversely, ether.fi plans to migrate its Cash product to Optimism’s OP Mainnet, bringing significant user and value metrics to the network. Additionally, Robinhood's Arbitrum-based testnet recorded 4 million transactions in its first week. Broader market sentiment is cautious, influenced by Federal Reserve minutes suggesting a pause in further interest rate cuts.

(Source：CoinDesk)